Many entities receive payments. At times, a customer remitting a payment transmits only a check. When the amount of the payment or the destination account of the payment in unclear, the receiving entity may be required to employ an operator to analyze the check, contact the remitter of the check and contact other sources for information regarding the check and how or to what account it should be applied.
This process may be resource-intensive, time-consuming and possibly inaccurate. Therefore, there is a need for a system which, in response to receiving payments, reviews payments, stores customer data and retrieves the data from memory to determine customer information, account information and any other relevant information, and use the retrieved information to apply the payment correctly.